Community loan fund opens Schenectady office

The Community Loan Fund of the Capital Region is opening a satellite office in Schenectady's Hamilton Hill neighborhood so that it's more accessible to the area's low-income individuals, business owners and nonprofits.

The nonprofit is headquartered on Orange Street in Albany with a mission of promoting sustainable community development efforts for economically underserved people and communities in the Capital Region. One of the ways it does this is by giving low-cost, flexible loans to community development organizations, small businesses, micro enterprises, low- and moderate-income borrowers and more. It also provides training and technical assistance to local businesses and nonprofits.

The Community Loan Fund will host a grand opening of its new satellite office on March 20 at 3:30 p.m. The office, located at the Schenectady County Business Center at 920 Albany St., is in the heart of a neighborhood where more than half of the families with children live below the poverty level and the median family income is $29,583, according to the U.S. Census Bureau's 2011 survey.

"Opening our satellite office in Schenectady will increase access to user-friendly, low-interest loans and free technical support for low-income individuals, micro-enterprise owners and nonprofit organizations in this distressed neighborhood," the group said in a grand opening invitation mailed to The Daily Gazette.

The nonprofit has committed to lend at least $1.9 million to Schenectady County community development projects over the next three years.

It was able to open the satellite office with the help of the county, the Schenectady Metroplex Development Authority, the Schenectady Foundation, the Wright Family Foundation and the Chamber of Schenectady County.